Results 10,961-10,980 of 16,492 for speaker:Ciarán Lynch

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I will return to this towards the end of the meeting but I have come to my last question. I asked Mr. Duffy the question yesterday afternoon and I asked Mr. Boucher the question this morning. Yesterday afternoon, Mr. Duffy made the assertion that there is a certain percentage of people who are more than 90 days in arrears but who have money in significant levels on deposit or on account...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: The proposition to rebut that could be that people, who perhaps have €25,000 or €30,000 or a sum from redundancy, compensation payment or even an inheritance, are holding that money back because they do not believe that the resolution processes are sustainable.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I will begin by trying to get some figures before going on to detailed questions. First, I would like to establish how many distressed mortgage books the bank has at this time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Therefore, 20% of those 18,025 should have been in a resolution process by the end of June. Is that correct?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Can Ulster Bank supply us with a breakdown of the type of resolution applied in those cases, in terms of split mortgages and so on?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: To interject, some thousands of customers have been in arrangements. Some arrangements have been interest only arrangements and some have been on mortgage holidays and so on. The 20% figure refers to moving people away from arrangements towards long-term sustainable solutions. What we would like to focus on this afternoon are the figures for people who are in long-term, sustainable solutions.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: The difficulty is time. I do not know who chairs the Ulster Bank board, but this Chairman is a stickler on time. I will run out of time, so I need Mr. Brown to be concise.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: First, has Ulster Bank made the 20% target?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: There seems to be a level of ambiguity as to what puts people into the 20% target figure. Does Ulster Bank include in that 20% people to whom it wrote who have not been in communication with the bank?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I believe Ulster Bank has a number of people on split mortgages. How many split mortgages does Ulster Bank have?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: Has Ulster Bank tweaked the split mortgage system?

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: I want to address the issue of payment breaks. Does Ulster Bank have a structured means of dealing with these when people go into resolution processes? I know the insolvency agency has been in contact with Ulster Bank with regard to this area. If somebody who is in a resolution process and has committed to paying €500 or €1,000 a month has to meet a €3,000 or...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: The difficulty if they can only step out for two months is that if Mr. A is paying Ulster Bank €500 a month and Mrs. B is paying €1,000 a month and the unforeseen bill is €1,500, Mrs. B can meet that emergency payment, but Mr. A cannot.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Ulster Bank (4 Sep 2013)

Ciarán Lynch: We will continue with No. 5 on today's agenda, which is an overview of the financial sector. The next module involves representatives of Ulster Bank. I welcome Mr. Jim Brown, who is the chief executive of the bank. Mr. Brown is accompanied by Mr. Stephen Bell, who is the chief risk officer of the Ulster Bank Group, and Mr. Tom Leahy, who is the southern regional director of Ulster Bank's...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Ciarán Lynch: I want the bank to clarify a point following what Deputy Pearse Doherty said. AIB appeared before us yesterday and referred to the number of customers in default for 90 days or more. To clarify, 90 refers to 90 days in arrears rather than 90 calendar days. It is the sum of 90 days. Someone might accrue 90 days of arrears over 18 months.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Ciarán Lynch: It is the sum of three payments in three months. Yesterday afternoon, AIB stated that a percentage of those over 90 days in arrears who have provided SFSs show they have sums on account that may be equal or greater to the arrears outstanding. They might have €15,000 or €20,000 on deposit. The point was raised by Mr. Duffy. Is there a similar situation according to...

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Ciarán Lynch: When Mr. Duffy was speaking, he asserted that it seemed quite noticeable in the AIB assessment. Mr. Boucher is saying this is not leaping off the page or setting off red lights.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Ciarán Lynch: One of the rebuttals is that people are holding money on account on the basis of the belief that the resolution processes they are engaging in are unsustainable and that if they put that €15,000 or €20,000 in the pot, it will vanish in the next two years, leaving them with nothing. I thank Mr. Boucher, Mr. Farrell, Mr. Mason and Mr. Prizeman for coming before the committee....

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Ciarán Lynch: Deputy, you are nearly out of time.

Joint Oireachtas Committee on Finance, Public Expenditure and Reform: Overview of Financial Sector: Discussion with Bank of Ireland (4 Sep 2013)

Ciarán Lynch: The Deputy must conclude.